tax credits

Do you have health insurance for 2017? Open enrollment is upon us and it’s during this time of year (Nov 1st to Jan 31st 2017) we check our health insurance options to get covered for the upcoming year. If you miss open enrollment, your only options are Short Term Health Insurance, employer-based coverage, Medicaid, and CHIP. You can still get health insurance that isn’t ACA compliant however, but you will still pay the penalty for not having insurance that is ACA compliant.

What Health Insurance for 2017 is best for me?

You have several options to choose the best health insurance plan for you and your family.

The first option is to see if you qualify for a tax credit to help you pay for your health insurance premiums each month.

Persons in Household

100% FPL

133% FPL (138%)*

250% FPL

400% FPL

1

$11,880

$15,800 ($16,400)

$29,700

$47,550

2

$16,020

$21,300 ($22,100)

$40,050

$64,100

3

$20,160

$26,800 ($27,800)

$50,400

$84,650

4

$24,300

$32,300 ($33,600)

$60,750

$97,200

5

$28,440

$37,850 ($39,250)

$71,100

$113,800

6

$32,580

$43,350 ($44,950

$81,450

$130,300

7

$36,730

$48,850 ($50,700)

$91,850

$146,900

8

$40,890

$54,400 ($56,450)

$102,250

$163,550

* The ACA law text reads 133 percent, but also calls for a new method of calculating income bringing the minimum to 138% and they are choosing to disregard the 5% discrepancy. If your family contains more than 8 people, add $4,160 for each additional.

If you don’t qualify to get a tax credit to help pay for your health insurance, you still have a few options:

You can still get a plan that is ACA compliant. This plan may cost more than a non compliant plan, but it will allow you to insure you and your family and NOT pay the penalty for not having health insurance.

You can get a health insurance plan that is not ACA complaint. There are many families that see the benefit in going with a short term medical plan. Often times, the premiums are less and even though they may pay the penalty, it costs less than going with an ACA complaint plan. We advise you speak to your tax advisor to see how much of a penalty you will owe.

Some people take the risk and go without health insurance. We don’t recommend this. We recommend that you look to see if your state expanded Medicaid or CHIP and try to get covered by one of those programs.

Will I have to pay a penalty if I don’t get Health Insurance in 2017?

In 2016, the penalty was to 2.5% of your total household adjusted gross income, or $695 per adult and $347.50 per child, to a maximum of $2,085. For tax year 2017 and beyond, the percentage option will remain at 2.5%, but the flat fee will be adjusted for inflation. If you fall below 100% of the FPL limits, you won’t have to pay the penalty.

How can I get Health Insurance in 2017?

Insurplicity, LLC can help you get covered for 2017. We have relationships with several health insurance companies to give you the best plans that fit your family’s needs and budget. Give us a call directly at 678-744-5542 or click here to get see how much you will qualify for in tax credits.

Don’t qualify for tax credits but still need health insurance in 2017? We have the best short term plans available. Recently, we acquired a new, Guaranteed Issue Short Term Medical Plan.Click HERE to get a Quote!

Understanding Health Insurance can be complicated. We make navigating health insurance options easy. Give us a call today to see how we can insure your family today.